Intu, owner of a mall hit by the collapse of a store

The owner of the Lakeside and Trafford Center shopping centers, Intu, lowered his rental income forecast, blaming the slowdown in retail sales.

Intu said that 2019 would be "difficult" because of an increase in salvage contracts, while stores struggle to pay their rent.

He added that retailers were also delaying the signing of new leases due to "political and commercial" uncertainty.

Intu said its comparable rental income for the year would drop by 4-6%.

The occupancy rate of Intu shopping centers decreased by 1.1% to stand at 95.6% for the first quarter of 2019 compared to the previous quarter, due to the rise the number of retailers pbading through the administration or having entered into salvage agreements, called voluntary company agreements with creditors.

CVAs allow retailers to renegotiate rents in stores that remain open.

Intu said it was affected by the closure of some New Look Men and HMV stores.

However, the company said that she saw new types of tenants paying higher long-term rents, such as the Metro Bank opening in Manchester Arndale and the introduction of a new property. Food lobby at Lakeside offering food and beverages from small independent businesses. companies.

"Despite the current operating environment, I think our business is very good and we can face the challenges we face," said Matthew Roberts, the new CEO of Intu.